TORONTO, ONTARIO--(Marketwired - Jan. 26, 2017) - Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported by Greater Toronto REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to 6,831. Over the same period of time, new listings were down by 13.4 per cent.
With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.
"Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment.
Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation," said Mr. Cerqua.
At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2 per cent. The average condominium apartment selling price for the fourth quarter was up by 14.5 per cent to $437,281.
"First-time buyers represent an important component of home ownership demand. Many households looking to purchase their first home will consider a condominium apartment. Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis," said Jason Mercer, TREB's Director of Market Analysis.
Condominium Apartment Market Summary | ||||||||
Fourth Quarter 2016 | ||||||||
2016 | 2015 | |||||||
Sales | Average Price | Sales | Average Price | |||||
Total TREB | 6,831 | $437,281 | 5,587 | $381,981 | ||||
Halton Region | 194 | $442,613 | 157 | $383,406 | ||||
Peel Region | 886 | $331,224 | 805 | $280,848 | ||||
City of Toronto | 4,842 | $465,403 | 3,961 | $407,825 | ||||
York Region | 775 | $403,375 | 542 | $367,482 | ||||
Durham Region | 114 | $324,295 | 114 | $277,343 | ||||
Other Areas | 20 | $233,535 | 8 | $208,000 | ||||
Source: Toronto Real Estate Board |
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